Cessation of activity mid-December is an opportunity to switch off… and let the mind wander
Welshcake is grateful for a lull in credit markets. The downtime has inspired him to dream up a CLO play

I foresee various spooky spectacles hitting our screens - and your long portfolios
Welshcake is settling in for a horror movie marathon. But in the previews he sees monsters lurking behind tight credit spreads

They said it: "We’re going to change the world of finance"
Big ambitions in blockchain

Past returns: Trying a different route to Balliol
Five years ago in Creditflux we reported on Numen Capital absorbing credit hedge fund manager Balliol Capital

They said it: "Imagine a garden party and all of a sudden a big wasp shows up"
On Creditflux’s US CLO webinar last month, Napier Park’s head of US CLO investments Serhan Secmen described the March sell-off as a garden party

Points up front: Channelling Twain, Agent Smith and Mike Tyson
Lockdown can adversely affect one’s grasp of reality, and for credit portfolio managers this has manifested itself in a penchant for quoting famous (sometimes fictional) figures

There will surely be jewels in the high yield dung heap, but the risk-reward is more compelling in IG
Whatever the long-term effects of the pandemic, one thing stays the same: IG looks attractive

Points up front: Blame it on capitalism
You know it’s a tough month for returns when a hedge fund manager quotes Lenin and laments that capitalism and globalisation have failed to distribute wealth efficiently

Investors need to ask: can my asset manager survive the crisis?

You need a balanced portfolio that’s ready for calculated risk taking — so consider a barbell approach
Investors can’t afford to be too conservative as they prepare for the end of the cycle

Don’t get too comfortable. The truth is there are hundreds of things that could be catalysts for a sell-off
Just because there’s no obvious sign of a sell-off, doesn’t mean it’s not going to happen. Often, market moves defy logic

Points up front: There are lies, damn lies and awards pitches
We’re hearing empty boasts, trash talking of their rivals and no shortage of promises that will absolutely be delivered.

Points up front: Talking his book (which is available on Amazon)
For listed asset managers, an earnings call is generally not the right forum to market or advertise upcoming funds. But it might be exactly the right place to try and sell your book.

It may seem a bit rich for Welshcake to tell staid CLO investors they need to be more sensible
Bespokes are the next big thing — and you’d be wise to get involved

Helicopter money is more productive than sponsoring the next bout of company share buybacks
The ECB is set to recommence its asset purchase programme, but what’s wrong with putting money directly into the hands of people?

Points up front: Benefits of being unethical
Investing ethically is increasingly becoming part of a credit manager’s mandate, with environmental, social and governance (ESG) strategies all the rage.

Tourists have turned high yield into a sketchier neighbourhood… IG credit could be the answer
Using CDS to exploit roll-down in IG credit can generate good returns even in a low-rate environment

I still love to sit in front of computer screens to try and understand markets
Jochen Felsenheimer of Xaia Investment takes our credit quiz

They said it: "I enjoy problem-solving and puzzles"
CQS founder Sir Michael Hintze on his role as senior investment officer at the London-based credit fund manager

I liked it when banks could hold risk and actually had inventory to shift
Louis Gargour, CIO of LNG Capital, takes our credit quiz

Lack of covenants could be a big theme in the next credit cycle
Citadel's Marina Lutova Meyers takes our credit quiz

CDS could help wean credit off the QE intravenous drip
Muzinich's high yield portfolio manager Thomas Samson takes our credit quiz

Points up front: traders are dedicated, no matter how hot it gets
When a fire alarm goes off, you should make your way to the nearest exit: unless you’re a trader

Join the debate: most memorable moment in credit
At Creditflux we’ve now produced 200 monthly magazines since Fishknife first came up with the idea of tracking the global credit markets in 2001). We asked several key credit industry officials about their most memorable moment in credit